Cottage-Style
For Sale
Contact for pricing
4225 Central Avenue, San Diego, CA 92105
Four-unit residential property with three cottages, a house, and off-street parking in central San Diego.
Property Size1,990 SF
Lot Size0.14 Acres
Price / SF$701.01
Days on Market15
Property Features for 4225 Central Avenue
General Information
Standard status
Active
Size
1,990 SF
Total Parking Spaces
5
Lot size
0.14 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA, 1 x studio/1BA
Multifamily Units
4
Additional Details
Gross Income
$111,528
Building Details
Year Built
1940
Buildings
4
Units
4
Construction
cottage-style
Listing Agency:
Endeavor Fly
Listed By:
Richard Kettlewell · License #01935221
Source:
Crexi
Added: Jul 30
Changed: Aug 12
Last Checked: Aug 13 at 6:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Endeavor Fly
Investment Insights
Based on property information with market context.
This fourplex includes a 3/2 house, two 1/1 cottages, and a studio cottage on an approximately 6,248-square-foot lot. The house is currently arranged as a 2/1 and a 1/1. Five off-street parking spaces are provided, including three individual spaces at the rear and one tandem space in the driveway. The 1,990-square-foot property was built in 1940.
Several cottage units have received improvements that include kitchens, flooring, appliances, bathrooms, exterior paint, fencing, and landscaping. The property is located near Kensington, Teralta Park, neighborhood restaurants, Downtown San Diego, I-805, and SR-15. It is offered in its present as-is condition, with permits, unit configuration, square footage, zoning, expenses, condition, and development potential subject to independent buyer verification.
Several cottage units have received improvements that include kitchens, flooring, appliances, bathrooms, exterior paint, fencing, and landscaping. The property is located near Kensington, Teralta Park, neighborhood restaurants, Downtown San Diego, I-805, and SR-15. It is offered in its present as-is condition, with permits, unit configuration, square footage, zoning, expenses, condition, and development potential subject to independent buyer verification.
Key Highlights
- Fourplex at 4225 Central Avenue in San Diego, CA 92105
- Approximately 6,248‑square‑foot lot with a 1,990‑square‑foot property
- Unit mix includes a 3/2 house, two 1/1 cottages, and one 0/1 cottage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,401
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$808,020
$808.0K
Cap Rate 7%
$577,157
$577.2K
Cap Rate 9%
$448,900
$448.9K
Market Conditions
NOI Build-Up for 1,990 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.9K $30.60/SF
− Vacancy
−$3.2K −$1.60/SF
EGI
$57.7K $29.00/SF
− OpEx
−$17.3K −$8.70/SF
NOI
$40.4K $20.30/SF
Area
ZIP 92105
Vacancy
5.22%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$808,020
Cap Rate 7%
$577,157
Cap Rate 9%
$448,900
Alternative Uses
Best Use
Multifamily LT 5
$577.2K
$505.0K – $673.4K
NOI $40,401 @ 7.0% cap · market cap 2.90%
Second Best
Apartment 5plus
$531.9K
$465.4K – $620.6K
NOI $37,235 @ 7.0% cap · market cap 2.67%
Theoretical Best
Specialty Retail
$786.0K
$687.8K – $917.0K
NOI $55,020 @ 7.0% cap · market cap 3.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with three cottages, a house, and off-street parking in central San Diego.
Where is this quadplex located?
The property is located at 4225 Central Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Fourplex at 4225 Central Avenue in San Diego, CA 92105; Approximately 6,248‑square‑foot lot with a 1,990‑square‑foot property; Unit mix includes a 3/2 house, two 1/1 cottages, and one 0/1 cottage
